SSP posts lower net profit at SAR 19.6m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

Saudi Steel Pipe Co. (SSP)

Saudi Steel Pipe Co., producing steel pipes, reported SAR 19.6m net profit at the end of the first half of 2014, compared to SAR 48.2m in the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	497.60	474.37	(4.7 %)
Gross Income	77.36	54.34	(29.8 %)
Operating Income	51.14	28.96	(43.4 %)
Net Income	48.22	19.58	(59.4 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	0.95	0.38	(59.4 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	249.13	249.65	0.2 %
Gross Income	39.45	32.69	(17.1 %)
Operating Income	26.51	19.91	(24.9 %)
Net Income	25.11	15.55	(38.1 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	0.49	0.30	(38.1 %)

Item	Q1 2014	Q2 2014	Change‬
Revenues	224.73	249.65	11.1 %
Gross Income	21.65	32.69	51.0 %
Operating Income	9.05	19.91	119.9 %
Net Income	4.03	15.55	286.0 %
Average Shares	51.00	51.00	-
EPS (Riyals)	0.08	0.30	286.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-	-
2005	-	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	565.41	-	111.45	-	66.90	-	1.91
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	727.81	28.7 %	156.07	40.0 %	116.17	73.6 %	3.32
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	816.87	12.2 %	172.80	10.7 %	132.32	13.9 %	3.78
Q1 2009	155.80	-	40.80	-	33.61	-	0.96
Q2 2009	145.28	-	40.19	-	35.85	-	1.02
Q3 2009	130.83	-	36.93	-	30.17	-	0.59
Q4 2009	106.74	-	21.69	-	13.19	-	0.26
2009	538.65	(34.1 %)	139.61	(19.2 %)	112.83	(14.7 %)	2.21
Q1 2010	153.44	(1.5 %)	28.11	(31.1 %)	20.02	(40.4 %)	0.39
Q2 2010	168.86	16.2 %	33.00	(17.9 %)	25.16	(29.8 %)	0.49
Q3 2010	104.11	(20.4 %)	13.27	(64.1 %)	6.54	(78.3 %)	0.13
Q4 2010	166.87	56.3 %	34.15	57.4 %	21.23	60.9 %	0.42
2010	593.28	10.1 %	108.53	(22.3 %)	72.95	(35.3 %)	1.43
Q1 2011	163.11	6.3 %	28.75	2.3 %	21.01	5.0 %	0.41
Q2 2011	153.83	(8.9 %)	29.74	(9.9 %)	21.34	(15.2 %)	0.42
Q3 2011	140.14	34.6 %	17.97	35.3 %	9.40	43.7 %	0.18
Q4 2011	172.27	3.2 %	23.03	(32.6 %)	13.37	(37.0 %)	0.26
2011	629.35	6.1 %	99.49	(8.3 %)	65.12	(10.7 %)	1.28
Q1 2012	206.85	26.8 %	29.13	1.3 %	18.32	(12.8 %)	0.36
Q2 2012	187.48	21.9 %	22.88	(23.1 %)	12.38	(42.0 %)	0.24
Q3 2012	152.16	8.6 %	19.39	7.9 %	8.92	(5.1 %)	0.17
Q4 2012	179.87	4.4 %	26.57	15.4 %	14.09	5.4 %	0.28
2012	726.36	15.4 %	97.96	(1.5 %)	53.71	(17.5 %)	1.05
Q1 2013	248.48	20.1 %	37.91	30.2 %	23.11	26.2 %	0.45
Q2 2013	249.13	32.9 %	39.45	72.5 %	25.11	102.7 %	0.49
Q3 2013	172.98	13.7 %	27.95	44.1 %	16.37	83.5 %	0.32
Q4 2013	168.76	(6.2 %)	25.76	(3.0 %)	14.86	5.4 %	0.29
2013	839.34	15.6 %	131.07	33.8 %	79.44	47.9 %	1.56
Q1 2014	224.73	(9.6 %)	21.65	(42.9 %)	4.03	(82.6 %)	0.08
Q2 2014	249.65	0.2 %	32.69	(17.1 %)	15.55	(38.1 %)	0.30

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	-	-	-	-	-	-	-
2005	-	-	-	-	-	-	-
2006	565.41	-	111.45	-	66.90	-	1.91
2007	727.81	28.7 %	156.07	40.0 %	116.17	73.6 %	3.32
2008	816.87	12.2 %	172.80	10.7 %	132.32	13.9 %	3.78
2009	538.65	(34.1 %)	139.61	(19.2 %)	112.83	(14.7 %)	2.21
2010	593.28	10.1 %	108.53	(22.3 %)	72.95	(35.3 %)	1.43
2011	629.35	6.1 %	99.49	(8.3 %)	65.12	(10.7 %)	1.28
2012	726.36	15.4 %	97.96	(1.5 %)	53.71	(17.5 %)	1.05
2013	839.34	15.6 %	131.07	33.8 %	79.44	47.9 %	1.56

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	19.71 %	15.77 %	11.83 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	21.44 %	19.70 %	15.96 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	21.15 %	19.03 %	16.20 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	25.92 %	23.89 %	20.95 %
2009	25.92 %	23.89 %	20.95 %
Q1 2010	23.67 %	21.51 %	18.50 %
Q2 2010	21.38 %	19.23 %	15.81 %
Q3 2010	18.02 %	15.98 %	12.18 %
Q4 2010	18.29 %	16.59 %	12.30 %
2010	18.29 %	16.59 %	12.30 %
Q1 2011	18.11 %	16.61 %	12.26 %
Q2 2011	18.02 %	16.41 %	11.93 %
Q3 2011	17.73 %	16.01 %	11.70 %
Q4 2011	15.81 %	13.97 %	10.35 %
2011	15.81 %	13.97 %	10.35 %
Q1 2012	14.84 %	12.84 %	9.27 %
Q2 2012	13.16 %	11.16 %	7.57 %
Q3 2012	13.14 %	10.99 %	7.37 %
Q4 2012	13.49 %	11.08 %	7.39 %
2012	13.49 %	11.08 %	7.39 %
Q1 2013	13.90 %	11.20 %	7.62 %
Q2 2013	14.86 %	11.98 %	8.59 %
Q3 2013	15.51 %	12.68 %	9.25 %
Q4 2013	15.62 %	12.78 %	9.47 %
2013	15.62 %	12.78 %	9.47 %
Q1 2014	14.08 %	11.55 %	7.40 %
Q2 2014	13.24 %	11.01 %	6.23 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	-	-	-
2006	19.71 %	15.77 %	11.83 %
2007	21.44 %	19.70 %	15.96 %
2008	21.15 %	19.03 %	16.20 %
2009	25.92 %	23.89 %	20.95 %
2010	18.29 %	16.59 %	12.30 %
2011	15.81 %	13.97 %	10.35 %
2012	13.49 %	11.08 %	7.39 %
2013	15.62 %	12.78 %	9.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	26.19 %	24.41 %	21.57 %
Q2 2009	27.66 %	26.09 %	24.68 %
Q3 2009	28.23 %	26.38 %	23.06 %
Q4 2009	20.32 %	17.11 %	12.36 %
Q1 2010	18.32 %	16.07 %	13.05 %
Q2 2010	19.54 %	17.90 %	14.90 %
Q3 2010	12.75 %	11.59 %	6.28 %
Q4 2010	20.47 %	18.84 %	12.72 %
Q1 2011	17.63 %	16.19 %	12.88 %
Q2 2011	19.34 %	17.27 %	13.87 %
Q3 2011	12.82 %	11.05 %	6.71 %
Q4 2011	13.37 %	11.29 %	7.76 %
Q1 2012	14.08 %	12.06 %	8.85 %
Q2 2012	12.20 %	10.15 %	6.61 %
Q3 2012	12.74 %	10.25 %	5.86 %
Q4 2012	14.77 %	11.62 %	7.84 %
Q1 2013	15.26 %	12.27 %	9.30 %
Q2 2013	15.84 %	13.01 %	10.08 %
Q3 2013	16.16 %	13.91 %	9.46 %
Q4 2013	15.26 %	12.02 %	8.80 %
Q1 2014	9.63 %	7.75 %	1.79 %
Q2 2014	13.09 %	11.24 %	6.23 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	35.00	-	-	13.16
Q2 2009	35.00	-	-	14.04
Q3 2009	51.00	-	-	17.29
Q4 2009	51.00	2.21	2.21	17.55
Q1 2010	51.00	1.95	1.95	15.88
Q2 2010	51.00	1.74	1.74	16.33
Q3 2010	51.00	1.27	1.27	15.92
Q4 2010	51.00	1.43	1.43	16.31
Q1 2011	51.00	1.45	1.45	15.67
Q2 2011	51.00	1.37	1.37	16.03
Q3 2011	51.00	1.43	1.43	15.43
Q4 2011	51.00	1.28	1.28	15.55
Q1 2012	51.00	1.22	1.22	15.04
Q2 2012	51.00	1.05	1.05	15.24
Q3 2012	51.00	1.04	1.04	15.38
Q4 2012	51.00	1.05	1.05	15.56
Q1 2013	51.00	1.15	1.15	15.95
Q2 2013	51.00	1.40	1.40	15.66
Q3 2013	51.00	1.54	1.54	15.19
Q4 2013	51.00	1.56	1.56	15.39
Q1 2014	51.00	1.18	1.18	15.41
Q2 2014	51.00	1.00	1.00	15.66

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	-	-	-	-
2006	35.00	1.91	1.91	9.39
2007	35.00	3.32	3.32	11.85
2008	35.00	3.78	3.78	12.20
2009	51.00	2.21	2.21	17.55
2010	51.00	1.43	1.43	16.31
2011	51.00	1.28	1.28	15.55
2012	51.00	1.05	1.05	15.56
2013	51.00	1.56	1.56	15.39

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	1.80
Q4 2009	15.41	15.41	1.94
Q1 2010	16.96	16.96	2.08
Q2 2010	15.61	15.61	1.66
Q3 2010	19.09	19.09	1.53
Q4 2010	16.85	16.85	1.48
Q1 2011	16.10	16.10	1.49
Q2 2011	19.35	19.35	1.66
Q3 2011	16.49	16.49	1.53
Q4 2011	22.87	22.87	1.88
Q1 2012	23.04	23.04	1.87
Q2 2012	20.84	20.84	1.43
Q3 2012	23.10	23.10	1.56
Q4 2012	24.02	24.02	1.63
Q1 2013	22.49	22.49	1.62
Q2 2013	18.54	18.54	1.65
Q3 2013	19.45	19.45	1.97
Q4 2013	22.79	22.79	2.31
Q1 2014	31.68	31.68	2.43
Q2 2014	33.82	33.82	2.15

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	15.41	15.41	1.94
2010	16.85	16.85	1.48
2011	22.87	22.87	1.88
2012	24.02	24.02	1.63
2013	22.79	22.79	2.31

Financial Ratios

	Current
Market Cap (M Riyal)	3,784.20
Enterprise Value (EV) (M)	4,326.48
Shares Outstanding ((M))	51.00
EPS ( Riyal) (TTM)	4.37
Book Value (BV) ( Riyal)	15.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.70
P/E (TTM)	16.99
Price/book	4.86
Return on Average Assets (%) (TTM)	15.6
Return on Average Equity (%) (TTM)	33.4

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SSP posts lower net profit at SAR 19.6m in I2 of 2014

View other reports

Share Price

Saudi Steel Pipe Co. (SSP)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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SSP posts lower net profit at SAR 19.6m in I2 of 2014

View other reports

Share Price

Saudi Steel Pipe Co. (SSP)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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